Friday, August 26, 2011

In 1861, gold coins were issued for 1, 2 and 5 pesos. These were equal in gold content to the earlier Spanish coins of ½, 1 and 2 escudos. Silver coins were minted from 1864 in denominations of 10, 20 and 50 centimos de peso, with silver 1-peso coins issued in 1897. During the Revolutionary period, coins were issued in copper for 1 and 2 centavos and 2 centimos de peso.

In 1903, a new coinage was introduced. It consisted of bronze ½ and 1 centavo, cupro-nickel 5 centavos and silver 10, 20 and 50 centavos and 1 peso. The silver coins were weight related to the peso which was minted in .900 fineness and contained 374.4 grains of silver. U.S. gold coins and ½ and 1 peso coins were legal tender for any amount, with 10 and 20 centavos coins being legal tender up to 20 pesos and smaller coins up to 2 pesos. The sizes and finenesses of the silver coins were reduced in 1907, with the peso now a 20 gram coin minted in .750 silver. Production of the 1 peso coin ceased in 1912 and that of the 50 centavos in 1921.

The American Government deemed it more economical and convenient to mint silver coins in the Philippines, hence, the re-opening of the Manila Mint in 1920, which produced coins until the Commonwealth period.

In 1937, coin designs were changed to reflect the establishment of the Commonwealth. No coins were minted in the years 1942 and 1943 due to the Japanese occupation, but minting resumed in 1944, including production of 50 centavos coins. Due to the large number of coins issued between 1944 and 1947, coins were not minted again until 1958.

In 1958, a new, entirely base metal coinage was introduced, consisting of bronze 1 centavo, brass 5 centavos and nickel-brass 10, 25 and 50 centavos. In 1967, the coinage was altered to reflect the use of Filipino names for the currency units. 1-piso coins were introduced in 1972. In 1975, the "Ang Bagong Lipunan" series was introduced with the 5-piso coins included. Aluminium replaced bronze and cupro-nickel replaced nickel-brass that year. The Flora and Fauna series was introduced in 1983 which included 2-piso coins. The sizes of the coins were reduced in 1991, with production of 50-sentimo and 2-piso coins ceasing in 1994. The current series of coins was introduced in 1995, with 10-piso coins added in 2000.

Denominations below 1 piso are still issued but are not in wide use. In December 2008 a Philippine Congress resolution called for the retirement and demonetization of all coins less than one peso.